News
Lightning Docs Update
We have issued an update to the system that modified the following:
Change in styling to Secured Note Section 2.7: Due to confusion of how this section is written, we have modified the styles of this section to make it easier to understand that the document is referring users to the Loan Agreement by modifying our standard numbering convention.
Lightning Docs Update
We have issued an update to the system that modified the following:
TIC Agreement: A new permission has been added to enable a Tenant in Common Agreement Subordination. Enabling this permission will allow users to select, on a loan by loan basis, whether all of the owners of the properties are Co-Tenants subject to a written Tenant in Common Agreement. If the user wishes for this Agreement to be subordinated to Lender’s rights and for the Co-Tenants to make additional promises for the benefit of Lender.
Update to Insurance and Tax Reserve Feature: New language has been added to the Insurance Reserve and Tax Reserve paragraphs. The word “Holdback” has been changed to “Reserve” throughout.
New language in Lockbox Provision: New language has been added to this provision to bring clarity to future cash-sweeps.
Update to Margin for Missouri Security Instrument: We have expanded the top margin of the Missouri Security Instrument to 3 inches to conform to recording requirements
Sealed Instrument for the state of Main: A new paragraph has been added to the Note which states the following: “IN WITNESS WHEREOF, Borrower has executed this Note as an instrument under seal as of the date first written above by and through their duly authorized representatives.”
Maryland Commercial Loan Reference in Note: When choosing Maryland as the Governing Law state, new state specific language will be added to the note.
Lightning Docs Update
| We have issued an update to the system that modified the following: FCI Set Up Form: FCI’s Loan Servicing Compliance Form will now populate as a separately downloadable document, pre-filled with information from the Lightning Docs interview, while there remains a few locations to manually enter additional information. Texas Title Conditions Update (Lender’s Closing Instructions): Pursuant to conversations with Title providers and customer feedback, we modified the lender’s instructions to provide additional text if a property is located in Texas. Temple View as Loan Purchaser: We added 2 new Loan Purchasers to ensure that recorded documents are delivered to the correct location if users sell loans to these buyers. You will now see them appear in the loan purchaser drop down menu on the Loan Sale Information page of the LD interview. Name: TVC Funding I, LLC Name: TVC Funding VI, LLC MERS Update: The word “Sell” has been removed from the granting clause of the Security Instrument when the user has selected to use MERS as the lender’s nominee, except within the state of Missouri where the word “Sell” is customarily used. When the Assignee uses MERS as their nominee, a paragraph that describes that the Note and other Loan Documents being assigned has been removed from the Assignment. Superior Loan Servicing – New ACH, New Address: Superior Loan Servicing’s contact address has changed and has been updated within Lightning Docs. A new ACH form for Superior Loan Servicing has also been added to replace their old version. |
Lightning Docs Update
We have issued an update to the system that modified the following:
- Updated First Payment Letter: The First Payment Letter has been significantly updated. These updates include:
- Automatic First Payment Calculation. Previously the first payment amount had to be manually entered.
- The First Payment Calculation works for all interest calculation methods.
- If there are any monthly impounds or servicing fees specified, then these will be shown on a table as a breakdown of what is included in the payment.
| Interest | $1,000.00 |
| Monthly Servicing Fee | $99.00 |
| Monthly Property Tax Impound | $111.00 |
| Monthly Property Insurance Impound | $222.00 |
| Monthly Flood Insurance Impound | $333.00 |
| Monthly Capital Expenditure Impound | $444.00 |
| Total Payment | $2,209.00 |
- New York UCC Forms: The New York specific UCC form is now available. New York is the only state that requires the use of its unique UCC forms. The form populates whenever a user is creating a Collateral Security Agreement, an Equity Pledge Agreement, or a Fixture Filing for the real estate collateral. These populate as separately downloadable documents for filing with the Secretary of State or in county records as a fixture filing.
- Changes to Defined Terms in Exhibit “A” for UCC-1: The collateral exhibits to each of the UCC-1 documents have been updated to replace the word “Lender” with “Secured Party”. We replaced the phrase “Security Agreement” with “Ownership Interest Pledge Agreement” within the collateral exhibit specific to the Ownership Interest Pledge Agreement. This was done to improve clarity and consistency.
Lightning Docs Update
We have issued an update to the system that modified the following:
- Servicing Fee – Specific Amount: The Servicing Fee feature has been updated so users may now enter a specific servicing fee that will be due every month. If no specific amount is entered then the servicing fee paragraph in the Note will make a generic reference to a servicing fee.
- Oklahoma Recordable Document Margin Size: We increased the TOP margin of all pages to 2 inches on all recordable documents for Oklahoma to conform to new state recording requirements.